Netflix has 137 million subscribers and a majority of them are international. But the streaming giant is still struggling to break into India, the world's second-largest internet market. CNBC's Alex Sherman explains why. Netflix is currently valued much higher than other media companies. Despite a share pullback in recent months from more than $400 to about $285, Netflix has a trailing price-to-earnings ratio of more than 100 and an enterprise value-to-EBITDA ratio of about 70. For comparison, Disney has a P/E ratio of about 14 and an EV-to-EBITDA ratio of about 11. Viacom's valuation ratios are both around 7. This gaudy valuation is largely predicated on its international growth forecast. Breaking into India is critical for the company to double or triple its subscribers over the next 10 to 15 years, as many analysts have estimated. But Netflix hasn't had an easy time spreading through India since it launched there in 2016. Faced with competition from local players and Amazon Prime Video, Netflix is facing an uncertain future in a country with more than 1.3 billion people.